Big Company Acquired the Following Assets and Liabilities of Little

question 35

Multiple Choice

Big Company acquired the following assets and liabilities of Little Company (fair values listed below) for $470,000 cash.

Assuming these items are all recorded at their acquisition date fair values,what additional item needs to be recorded and how will it be accounted for in the future?

• A) $30,000 Goodwill, capitalized and tested for impairment
• B) $30,000 Bargain purchase, recognized in current earnings
• C) $30,000 Bargain purchase, capitalized and recognized over time
• D) $30,000 Goodwill, capitalized and amortized over time

Grasp the amendments and objectives of the Clean Air Act of 1990.

Recognize how businesses contribute to environmental trust funds such as CERCLA.

Understand the requirements and contents of an Environmental Impact Statement (EIS) under the National Environmental Policy Act (NEPA).

Comprehend the criteria for establishing environmental strict liability and trespass in environmental law.

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